The newspaper says some of those owed money have since themselves died, and the money is owed to unknown heirs.

Some interviewed by the Chronicle say family feuds kept them from collecting. Others unwittingly threw out mail thinking it was junk.

Under a multistate investigation, California has already reached settlement with 22 companies that required businesses to pay more than $400 million to beneficiaries.

"The system works very well as long as you are aware you are a beneficiary," said Kevin McCarty, Florida's insurance commissioner, whose office took the lead along with California in reaching the settlements. "It's when you don't know the policy exists, which is very common with older generations that would buy a policy for $5,000 or $10,000 and they pack it in the garage or attic and forget all about it."